Source: Bank of New York
The Bank of New York, a leading global provider of securities servicing, has been appointed by Abbey to act as fund administrator, transfer agent, trustee and global custodian for the Abbey Liquidity Fund, Abbey's first liquidity fund.
The Abbey Liquidity Fund, which launched with 4 billion pounds Sterling of assets under management, is domiciled in Dublin and aims to provide investors, including corporates, institutional and pension funds, with the opportunity to maximize the yield potential of any cash they hold in a fund or portfolio, without losing security or liquidity. The fund is of particular benefit to those who want to retain cash as an integral part of their portfolio to draw upon at short notice.
Ronny Maiti, head of fund products at Abbey Financial Markets, said, "By consolidating our needs with a single securities provider we have optimized the value for money our fund will receive from our trustee, fund administration and custodial arrangements. The Bank of New York demonstrated that it understood our complex requirements and was able to craft solutions to meet our business needs. We're confident that the Bank will deliver the highest level of support services during this critical launch phase and as the fund attracts increasing assets."
Frank Froud, managing director at The Bank of New York, said, "This is a prestigious win for The Bank of New York and demonstrates our capabilities in several key areas. The Bank is always striving to provide full service solutions to our clients as they enter into new sectors and this is one such example. We're really looking forward to working with Abbey and helping the fund grow."